A truck carrying natural gas entered the Gaza Strip via the Rafah crossing with Egypt, hours after the commencement of a four-day truce between Israel and Palestinian Hamas militants on November 24, 2023. Meanwhile, U.S. crude oil prices are set for a weekly gain of over 4% as stocks rebounded from Monday’s sell-off amid concerns about a potential wider war in the Middle East, which could disrupt production and transportation.
On Thursday, the S&P 500 surged by 2.3%, recording its best session since November 2022 after a rocky start to the week due to recession fears. As of Friday, the energy market prices were as follows:
– West Texas Intermediate September contract: $76.72 per barrel (up 53 cents, or 0.7%). Year-to-date gain: 7%.
– Brent October contract: $79.64 per barrel (up 53 cents, or 0.7%). Year-to-date gain: 3.3%.
– RBOB Gasoline September contract: $2.40 per gallon, unchanged. Year-to-date gain: 14.2%.
– Natural Gas September contract: $2.13 per thousand cubic feet (up 1 cent, or 0.56%). Year-to-date decline: 15%.
Tensions in the Middle East are heightened following the assassination of Hamas leader Ismail Haniyeh in Tehran last week, with Israel bracing for possible retaliatory strikes from Iran and Hezbollah in Lebanon. Despite this, the U.S. is actively engaging in diplomatic efforts to prevent an escalation.
In a joint statement, the U.S., Egypt, and Qatar have urged Hamas and Israel to return to negotiations to finalize a cease-fire deal in Gaza.
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Original Story https://www.cnbc.com/2024/08/09/crude-oil-prices-today.html
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